{"id":12922,"date":"2011-01-01T09:34:04","date_gmt":"2011-01-01T08:34:04","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12922\/brent-oil-ends-2010-near-95-weak-us-dollar-supports\/"},"modified":"2011-01-01T09:34:04","modified_gmt":"2011-01-01T08:34:04","slug":"brent-oil-ends-2010-near-95-weak-us-dollar-supports","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12922\/brent-oil-ends-2010-near-95-weak-us-dollar-supports\/","title":{"rendered":"Brent oil ends 2010 near $95, weak US dollar supports"},"content":{"rendered":"

Brent oil futures say goodbye to 2010 with the highest closing price of the year, as all the factors necessary for a sustained move higher in oil prices appears to be lined up for 2011.<\/p>\n

Brent Oil Futures – Closing Price<\/strong><\/p>\n

Brent crude oil futures for February 2011 delivery ended the week’s trading session at $94.59 a barrel on the ICE Futures Exchange, while the ICE US Dollar Index remained flat at 79.31.<\/p>\n

Highest Year End Close Since 2007<\/strong><\/p>\n

Brent crude oil futures surged the most in four weeks yesterday, to it’s highest year end close since 2007.<\/p>\n

Increasing oil demand from developing countries including China, together with cold weather in Europe and the US helped push oil prices back nearer $100 a barrel.<\/p>\n

Oil demand in China rose by 10% in 2010 and analysts are forecasting another 5% increase for 2011.<\/p>\n

Get Ready for $100 Oil<\/strong><\/p>\n

Brent oil prices could see a surger higher next week, when markets open and traders and portfolio managers return to work. Investment flows into oil futures in the first week of every month are typically strong.<\/p>\n

\u201cHeading into the new year, $100 is inevitable. It depends on how the economy grows. We could even get to new record highs.” said Carl Larry, president of Oil Outlooks & Opinions.<\/p>\n

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